The price of Brent crude has jumped back above $100 per barrel (pb) today, but we doubt this rebound will last for long. In particular, Iran’s threats to disrupt the flow of oil through the Strait of Hormuz still lack credibility. What’s more, if the Fed thought that one consequence of launching QE3 would be a renewed surge in oil prices, it would be much less willing to ease monetary policy any further.
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